The Renaissance Infrastructure IPO Index
The Renaissance Infrastructure IPO Index captures the performance of newly public companies whose products and services are critical to the development and maintenance of infrastructure assets. With a growing population, increased privatization of government-controlled sectors and relative underinvestment in societal assets over the past few decades, infrastructure has taken center stage with investors seeking exposure to companies with stable cash flows and relatively little exposure to cyclicality. Included in the index are firms that concentrate on Energy, Real Estate, Transportation and Communication, as well as social sectors, such as Healthcare and Education. New infrastructure enterprises appear first on the IPO market; this enables the Renaissance Infrastructure IPO Index, a subset of the benchmark Renaissance IPO Index®, to capture the performance of these infrastructure plays at the earliest stage available to public investors.
Top 10 Holdings As of November 2008
1. MetroPCS (PCS)Telecom-Wireless Networks
2. American Water Works (AWK)Water Infrastructure-Water Utilities
3. Cellcom Israel (CEL)Telecom-Wireless Networks
4. DCT Industrial (DCT)Real Estate-Industrial Facilities
5. American Public Educ. (APEI)Social Infrastructure-Online Education
6. El Paso Pipeline Partners (EPB)Energy Distribution?Natural Gas Storage
7. Clearwire (CLWR)Telecom-Wireless Networks
8. Energy Solutions (ES)Urban Infrastructure-Waste Management
9. Spectra Energy (SEP)Energy Distribution-Gas Storage/Trans.
10. K12 (LRN)Social Infrastructure-Online Education